James Stewart, The New York Times, is calling for clear-cut insider trading laws. Stewart says appeals courts and prosecutors are one step away from open warfare and it's time to sweep the courts aside and institute a statute.

CNBC's David Faber provides the latest on the decision by a New York appeals court to vacate the convictions of former hedge fund managers Todd Newman and Anthony Chiasson. Kate Kelly discusses how the ruling may impact the case of Michael Steinberg.